Government to raise printing of Rs 500 notes by five times

18/04/2018

He said he had once made such a request to Union Finance Minister Arun Jaitley but was told there was no such provision. Since the amount of currency put out by the Reserve Bank of India (RBI) and government printing presses is adequate for normal transactions, bankers believe there is hoarding of the Rs 2,000 notes.

The Government of India with the Reserve Bank of India have taken all steps to meet this unusual demand, it added.

Minister of State for Finance Shiv Pratap Shukla has asked for three days to resolve this problem. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores.

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A group of people in Hyderabad told news agency ANI, "We have been unable to withdraw cash from ATMs as the kiosks (ATM kiosk), in several parts of the city, have run out of cash". Nirav Modi fled with Rs30,000 crore and the PM didn't utter a word. The people of Delhi are also facing the problem of cash. Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation. She wondered if a "financial emergency" is going on in the country.

He said there was unusually high demand for currency in the last couple of months.

The coordinated attempt as assuaging the concerns of the public come on the heels of multiple reports over the last two weeks indicating shortage of cash at ATMs. "News reports say that ATMs around the country are running of out of cash". Chhattisgarh chief minister Raman Singh said his state "like many other states, has been affected by a cash crunch".

Meanwhile, reports of cash shortages and dry ATMs are also coming from Mumbai and other parts of Maharashtra besides the states listed above and the Modigovernment is being attacked by various opposition party leaders. Currency in circulation on 4 November 2016 was Rs17.74 lakh crore.

During the year ended March 2018, bank deposits grew by a measly 6.7% compared to 15.3% in 2016-17.

While it is hard to trace any specific reason for such massive cash withdrawals this year, analysts say that concerns over the health of India's banking system has also triggered savers to withdraw cash. Finance MinisterArun Jaitley conceded a "temporary shortage in some areas" and said it was being "tackled quickly". "The government will act tough on this", the Madhya Pradesh Chief Minister said. "I need cash for business but I am not sure where I will get it", said an aggrieved Shashikant Sharma outside the Axis Bank branch near the Anjali Crossroad area in Ahmedabad.

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